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Consumer spending accounts for approximately two-thirds of the U.S. economy, and this helpful chart from the U.S. Senate’s Joint Economic Committee illustrates why our economy suddenly turbocharged over the past two years from its decade of sluggishness that we were told was the “new normal”:

In an ominous sign, the nation’s consumer confidence plummeted in October to lows not seen since March 2009, three months before the last recession officially ended. After improving to 46.4 in September, the measure fell 7 points to 39.8, well below what economists expected. That reading is also far below the 90 level that economists generally agree indicates a healthy economy.

So along with the cyclical recovery following the last recession, consumer confidence rose but has now returned to lows not seen since that time. It will therefore be interesting to watch Barack Obama and liberals attempt to once again scapegoat the Bush Administration for this, almost three years since Bush departed office, and five years since his party last controlled Congress.